OPENLANE, Inc - KAR STOCK NEWS

KAR Global (NYSE: KAR) will participate in the BofA Securities 2020 Leveraged Finance Virtual Conference on December 2, 2020, featuring Executive Vice President and CFO Eric Loughmiller and Treasurer Mike Eliason at 3:45 pm Eastern. A webcast of the presentation will be available on the company's investor relations page. KAR Global, a leader in vehicle remarketing and technology, reported sales of nearly 3.8 million units worth approximately $40 billion in 2019.

KAR Global (NYSE: KAR) has successfully acquired BacklotCars, enhancing its digital marketplace portfolio that includes TradeRev and ADESA.com. This acquisition aims to strengthen KAR's presence in key markets and support its digital transformation strategy. BacklotCars operates a 24/7 auction platform, providing streamlined options for dealers to manage inventory. The integration promises a disruption-free experience for current customers, while maintaining existing product offerings and pricing. The acquisition is expected to bolster KAR's growth and customer engagement strategies.

KAR Global (NYSE: KAR) announced its participation in the Stephens Annual Investment Conference 2020, scheduled for November 18, 2020, at 8:00 am Eastern. Key executives including Jim Hallett, Eric Loughmiller, and Mike Eliason will represent the company at this virtual event. A webcast of the presentation will be available on the company's investor relations website.

KAR Global is a leader in vehicle remarketing and technology solutions, facilitating the sale of nearly 3.8 million units valued at around $40 billion annually.

KAR Auction Services (KAR) reported Q3 2020 revenue of $593.6 million, down 15% from $701.9 million a year ago. Net income from continuing operations was $47.1 million, or $0.23 per diluted share, compared to $34.4 million or $0.26 per diluted share in Q3 2019. Adjusted EBITDA increased by 8% to $139.2 million. For the nine months ended September 30, revenue decreased 21% to $1.658 billion and net income fell to $17.6 million, or $0.04 per diluted share. The company's performance was significantly impacted by the COVID-19 pandemic.

KAR Auction Services, Inc. (NYSE: KAR) will release its third quarter 2020 financial results on November 3, 2020, after market close. An earnings conference call will be held on November 4, 2020, at 8:30 a.m. Eastern. The call will be led by CEO Jim Hallett and CFO Eric Loughmiller. Participants can join by calling 1-844-778-4145, passcode 8592422. A replay will be available for two weeks after the call. KAR Global offers technology-driven solutions in the wholesale used vehicle industry, with operations in over 80 countries.

Uptake has appointed Kayne Grau as President to enhance its industrial asset management offerings and support global growth. Grau, previously with KAR Global, is tasked with advancing Uptake's product suite amid rising demand for digital transformation. Founder and CEO Brad Keywell will continue to focus on customer relationships and industry guidance. Grau emphasizes Uptake's innovative AI applications and commitment to sustainability, aiming to deliver immediate value through optimized operations in the industrial sector.

KAR Global (NYSE: KAR) announced its agreement to acquire BacklotCars Inc. for $425 million. This acquisition, pending regulatory approvals, aims to enhance KAR's digital dealer-to-dealer marketplace capabilities. BacklotCars provides a 24/7 wholesale platform that includes comprehensive vehicle inspections and facilitates greater transparency in transactions. The purchase is expected to strengthen KAR's existing TradeRev platform and expand its market presence, offering dealers improved options and access to a wider network of buyers and sellers.

KAR Auction Services, Inc. (NYSE: KAR) reported a 42% decline in revenue to $419 million in Q2 2020, attributed to the COVID-19 pandemic. The company incurred a net loss of $32.3 million ($0.27 per share) compared to a profit of $27.4 million in Q2 2019. Adjusted EBITDA fell 41% to $80 million. For the first half of 2020, revenue dropped 24% to $1.06 billion, with a net loss of $29.5 million. The company reported a $29.8 million charge for impairment of goodwill. Despite challenges, used vehicle sales improved in May and June, with June revenue at 91% of June 2019 levels.

KAR Global recently hosted a successful digital auction via its Simulcast+ technology, facilitating vehicle sales from 22 locations for The Hertz Corporation. This platform, launched earlier this year, allows for competitive bidding across 19 states, enhancing user experience for both sellers and buyers. Since its inception, Simulcast+ has been used in over 400 events, generating significant bidding activity and engagement. The technology has outperformed traditional methods, averaging almost 20% more bids per vehicle. This strategic move reinforces the company’s commitment to innovation in the automotive remarketing sector.